Citi's chief U.S. economist Andrew Hollenhorst predicts a "hard landing" for the U.S. economy, not a soft landing as many expect, and forecasts the Fed will cut rates four times this year. Recent economic data like weaker-than-expected jobs growth in April signal weaknesses emerging in the labor market. Hollenhorst believes that persistently high inflation will eventually weaken the labor market significantly, potentially resulting in a hard economic landing and interest rate cuts. Hollenhorst has predicted a recession by mid-2024 and says financial markets are moving away from hopes for a soft landing.
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00:00 It's Benzinga and here's what's on the block.
00:02 Citi's chief U.S. economist Andrew Hollinhurst predicts a hard landing for the U.S. economy,
00:07 not a soft landing as many expect, and forecasts the Fed will cut rates four times this year.
00:13 Recent economic data like weaker-than-expected jobs growth in April signal weaknesses emerging
00:18 in the labor market. Hollinhurst believes that persistent high inflation will eventually weaken
00:23 the labor market significantly, potentially resulting in a hard economic landing and
00:27 interest rate cuts. Hollinhurst has predicted a recession by mid-2024 and says financial markets
00:33 are moving away from hopes of a soft landing. For all things money visit Benzinga.com
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